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Main Contents
Pan Pacific Copper Co., Ltd. (president: Shigeru Oi), an integrated copper enterprise jointly established by JX Nippon Mining & Metals Corporation (president: Shigeru Oi) and Mitsui Mining & Smelting Co., Ltd. (president: Sadao Senda), and Mitsui & Co., Ltd. (president: Masami Iijima) announced that SCM Minera Lumina Copper Chile ("MLCC"; CEO: Nelson Pizarro), operator of the Caserones Copper Mine, held an opening ceremony for the mine on July 30th local time in Santiago, one day after the first shipment of copper concentrate left for Japan.
The ceremony was attended by more than 500 persons, including Japanese Prime Minister Shinzo Abe, Chilean Mining Minister Aurora Williams, and other government officials from Japan and Chile, along with representatives from partner companies, financial institutions, local parties, and others involved in the project.
The Caserones Copper Mine is a resources development project wholly owned by Japanese companies, which has been under way for eight years since the mining concession was acquired in 2006. Production of refined copper began in March 2013 and of copper concentrates in May 2014. The volume of copper concentrates to be produced here is equivalent to around 10 percent of the Japanese import volume. It is expected to contribute to the stable supply of copper resources to Japan through the year 2040. The development of the project is also important for the growth of the Chilean economy, and each of the companies investing in it will provide support toward stable operation by MLCC, helping to strengthen ties between Japan and Chile.
On July 29th, the Koryu carrier ship set out from the Chilean port of Coquimbo loaded with approximately 5,000 tons of copper concentrate. The ship is expected to arrive at the Saganoseki Smelter & Refinery of Pan Pacific Copper in late September.
Ribbon-cutting at the opening ceremony
Hidenori Murakami (Ambassador Extraordinary and Plenipotentiary of Embassy of Japan),
Shigeru Oi (President and CEO of JX Nippon Mining & Metals), Shinzo Abe (Japanese Prime Minister),
Nelson Pizarro (CEO & General Manager of MLCC), Aurora Williams (Mining Minister), Máximo Pacheco (Energy Minister),
Miguel Vargas (Governor of Atacama Region), Osvaldo Delgado (Mayor of Tierra Amarilla)
Loading the initial shipment of Caserones copper concentrate onto the Koryu carrier ship
An outline of the Caserones Copper Mine
1. Location
162 kilometers southeast of Copiapo, the capital of the Atacama Region of Chile, and 15 kilometers from the border with Argentina. The deposits lie at altitudes between 4,200meters to 4,600meters above sea level.
2. History
| May 2006 | Pan Pacific Copper acquired the mining concession |
|---|---|
| Sep. 2009 | Decided to move the project into the feasibility study stage |
| Feb. 2010 | Decided to construct the mining and production facilities Mitsui & Co. participated in the project |
| Mar. 2013 | Obtained the first refined copper by hydrometallurgical SX-EW process |
| May 2014 | Commenced production of copper concentrate |
3. Equity shares in MLCC
Pan Pacific Copper 77.37% (JX Nippon Mining & Metals 66%, Mitsui Mining & Smelting 34%)
Mitsui & Co. 22.63%
4. Expected Mine Life
28 years (2013~2040)
5. Production Process
6. Expected Production Volume: (All numbers are approximate)
Please scroll horizontally to look at table below.
| (Initial Ten Years) | ||
|---|---|---|
| Annual average | ||
| Copper | Concentrate (copper content) |
150,000 t/y |
| Refined copper | 30,000 t/y | |
| Total | 180,000 t/y | |
| Molybdenum | 3,000 t/y | |
Please scroll horizontally to look at table below.
| (28 years) | |||
|---|---|---|---|
| Annual average | Total for 28 years | ||
| Copper | Concentrate (copper content) |
110,000 t/y | 3,140,000 t |
| Refined copper | 10,000 t/y | 410,000 t | |
| Total | 120,000 t/y | 3,550,000 t | |
| Molybdenum | 3,000 t/y | 87,000 t | |
Notice:
This announcement contains forward-looking statements. These forward-looking statements are based on Mitsui's current assumptions, expectations and beliefs in light of the information currently possessed by it and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, financial position or cash flows to be materially different from any future results, financial position or cash flows expressed or implied by these forward-looking statements. These risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest Annual Securities Report and Quarterly Securities Report, and Mitsui undertakes no obligation to publicly update or revise any forward-looking statements.
This announcement is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.